4/13/2012

N Cyprus ripe for Islamic investors

Turkish Cyprus, at the crossroads between Africa and Europe, offers Islamic investors many opportunities especially in the tourism and agro-food industries.

Turkish Cyprus presents fantastic investment opportunities, especially for those from Muslim countries, Union of Chambers and Commodity Exchanges of Turkey (TOBB) head Rifat Hisarcıklıoğlu said yesterday in Kyrenia at the Investment in Northern Cyprus forum.

Turkish Cyprus is an important vehicle in protecting Islamic culture in the region, Hısarcıklıoğlu said while highlighting the island’s massive tourism potential.

The country receives three times its population in tourists each year, the TOBB head said, adding that it was a hub of learning for over 47,000 students from around the world, including Islamic countries. Meanwhile, the Secretary General of the Organization of Islamic Cooperation (OIC), Professor Ekmeleddin İhsanoğlu, invited the private sector of OIC member states to take advantage of the favorable business climate in northern Cyprus.

N Cyprus has resilient economy with strong GDP

Turkish Cyprus has a very resilient economy as indicated by its impressive $13,253 per capital Gross Domestic Product, which exceeds the world average, he said.

He also said the agro-food industry could offer immense potential for foreign direct investment and would contribute to the long-term socio-economic development of Turkish Cyprus.

A pipeline project that will carry fresh water from Turkey to Turkish Cyprus would immensely facilitate the development of Turkish Cyprus’ agro-food industry, İhsanoğlu said.

Islamic Development Bank President Ahmad Mohamed Ali also called on investors in the Islamic world to invest in Turkish Cyprus. Ali said Cyprus was situated at an important strategic, geographical and commercial crossroads and as a door opening to Africa and Europe.

He also noted Turkish Cyprus was ripe for investment with its talented and qualified labor force, as well as strong scientific and technological infrastructure.

Ali said investors had chosen to attend the forum in order to explore business opportunities in Turkish Cyprus.